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LorneReams posted:There really is no such thing as a debt consolidation loan, that's just a loan purpose which adjusts DTI requirments with proof of payment (they usually pay of the loans for you). Gotcha. Yeah I am looking into personal loans. I have a very good credit rating (nearly 800), so looking into prosper.com to get a peer to peer loan. Anyone try one of those before?
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May 22, 2012 17:11
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Mr.Trifecta posted:Gotcha. Yeah I am looking into personal loans. I have a very good credit rating (nearly 800), so looking into prosper.com to get a peer to peer loan. Anyone try one of those before? Why would you do that? Wouldn't going to a bank/credit union have better rates? Depending on credit scores, you should be able to get 7-12% apr.
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May 22, 2012 17:14
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LorneReams posted:Why would you do that? Wouldn't going to a bank/credit union have better rates? Depending on credit scores, you should be able to get 7-12% apr. It seems like banks/credit unions are more. We went to a credit union and their interest was more, beyond that they kept trying to get us to redo our car loans and the such. Getting offers of 7.5% from prosper on a 3 year. APR is 8.83%. We were toying with the idea of the Discover personal loans and those rates start at 8% I believe. I don't want a loan over 9%, seeing as the loan will be paying off cards 15% or higher.
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May 22, 2012 17:21
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Mr.Trifecta posted:It seems like banks/credit unions are more. We went to a credit union and their interest was more, beyond that they kept trying to get us to redo our car loans and the such. Getting offers of 7.5% from prosper on a 3 year. APR is 8.83%. We were toying with the idea of the Discover personal loans and those rates start at 8% I believe. You may be better off getting a 0% credit card transfer offer, if you have the decipline to not gently caress around. My local credit union offers personal loans starting at 6.99 for a 24 month term.
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May 22, 2012 17:24
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LorneReams posted:You may be better off getting a 0% credit card transfer offer, if you have the decipline to not gently caress around. Yeah we do have the discipline. Essentially paying off cards that my wife has accrued prior to when we got married. I wanted to get something fixed so we know in X years, all this debt will be paid off. Wanted to get a 3-4 year loan, as trying to keep th epayments under $400/mo
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May 22, 2012 17:26
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Mr.Trifecta posted:Yeah we do have the discipline. Essentially paying off cards that my wife has accrued prior to when we got married. I've been on Prosper on the lending side (I got in when they did a deal on signing up for free money). I see a lot of debt consolidation loans, and they tend to get funded, especially ones with high credit scores. I also see a lot of debt consolidation loans at like 20% for people with crazy low scores, tons of defaults, late payments out the wazoo...yikes. Anyways, you'll get your money from them at a decently low rate. If you have the money set aside to start doing this, it's not a bad idea.
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May 22, 2012 17:35
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kaishek posted:I've been on Prosper on the lending side (I got in when they did a deal on signing up for free money). I see a lot of debt consolidation loans, and they tend to get funded, especially ones with high credit scores. I also see a lot of debt consolidation loans at like 20% for people with crazy low scores, tons of defaults, late payments out the wazoo...yikes. Anyways, you'll get your money from them at a decently low rate. If you have the money set aside to start doing this, it's not a bad idea. Well I want to get in on the borrowing side of things. Rates look decent. Since you have done the lending side, how does it work? I pick the one of the loans they offer and then what? They send the loan amount to the account I specify and then I pay monthly the listed rate? Is it a fixed rate or can it vary?
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May 22, 2012 17:38
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Mr.Trifecta posted:Well I want to get in on the borrowing side of things. Rates look decent. Since you have done the lending side, how does it work? I pick the one of the loans they offer and then what? They send the loan amount to the account I specify and then I pay monthly the listed rate? Is it a fixed rate or can it vary? No, once you request a loan, they'll give you a quote. It gets opened up to lenders. You can request to only originate the loan if you get 100% of the desired amount, or 80%, or 60%, or whatever. Then it gets opened up to lenders, who put in chunks of anywhere from 25$-$1000+. After all that, the loan either funds or it doesn't, you get your money (deducted from the accounts of everyone that signed up). Then you start making your payments at the agreed amounts...the rate is fixed for your term. Each payment gets divided up amongst the investors (so for a $25 chunk of a $10,000 loan I am currently receiving 83 cents per month). If you pay it off early, there's no repayment penalty and everyone gets their money back plus keeps the interest you paid in. Prosper takes it's cut from the origination fee. The rates are actually not bad (sub 10%) if you have a high credit score.
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May 22, 2012 17:42
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kaishek posted:No, once you request a loan, they'll give you a quote. It gets opened up to lenders. You can request to only originate the loan if you get 100% of the desired amount, or 80%, or 60%, or whatever. Then it gets opened up to lenders, who put in chunks of anywhere from 25$-$1000+. After all that, the loan either funds or it doesn't, you get your money (deducted from the accounts of everyone that signed up). Then you start making your payments at the agreed amounts...the rate is fixed for your term. Each payment gets divided up amongst the investors (so for a $25 chunk of a $10,000 loan I am currently receiving 83 cents per month). If you pay it off early, there's no repayment penalty and everyone gets their money back plus keeps the interest you paid in. Prosper takes it's cut from the origination fee. Yeah I am getting 7.5% cause of the credit score, which is comparable if not better the most other places for an unsecured personal. So once I request a loan, it sits out there until it fills. What is the turn around time roughly in your experience for it to get filled from someone with a good credit score?
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May 22, 2012 17:55
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LorneReams posted:That's not a FICO, but it could be something else. That's my point. If "something else" runs up to 125, then a score of 123 is an amazing score. I doubt that's the case, but without knowing what the scale is, it's meaningless.
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May 22, 2012 18:22
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T0MSERV0 posted:That's my point. If "something else" runs up to 125, then a score of 123 is an amazing score. I doubt that's the case, but without knowing what the scale is, it's meaningless. According to the statement I got form the electric company, it's from Experian and with a scale from 1 to 999. I don't really know what that means other than it's bad. As for my information, I've got a bachelors in fine arts and live in the south of Ohio, right in the Appalachia region. Essentially this means there is absolutely no hope of ever using my degree unless I can somehow get enough money to move away. I've been trying to get a full time job ever since I moved back from college in December and the only luck I've had is a retail job that pays at most 200 bucks per paycheck. I am pretty much at the end of my rope here.
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May 22, 2012 18:41
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Drakkel posted:According to the statement I got form the electric company, it's from Experian and with a scale from 1 to 999. I don't really know what that means other than it's bad. I think you definitely need to move away ASAP. Fine arts meaning what...writing? Film? (did you go to OU?) If you have a car, this may be finding some place with a better industry for you (what do you want to do?) that's not someplace with a crazy high cost of living (NYC, DC, CA...TN comes to mind as an alternative), loading up your car with your stuff and driving there. Some place where you might have a friend you can crash with for a while might be a thing. Can you move back in with your parents? You're just in an untenable situation there - you'll never "get enough money to move away" because there's no work there. It may just require sucking it up and heading somewhere else, leaving your bills unpaid for now. Your credit is already shot so non-payment can't really hurt you more.
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May 22, 2012 19:49
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Does anyone know much about Northwestern Mutual? I'm the poster who was in this thread a few months ago while I was getting bugged by my boyfriend's friend at Primerica, who I learned from you guys is not a recommended company to bother with. Is Northwestern Mutual any better? And if you ask "better for what?" - I don't know. Is anything they offer good? I'm finances stupid and stopped researching after I got flustered. For reference, I'm 24, soon to be engaged, no children, no mortgage, just paid off the last of my debt, and my company starts offering me a 401k in July. I assume all I'd look at is retirement at this stage in life. Damn Bananas fucked around with this message at 14:25 on May 23, 2012 |
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May 23, 2012 14:18
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drat Bananas posted:Does anyone know much about Northwestern Mutual? I'm the poster who was in this thread a few months ago while I was getting bugged by my boyfriend's friend at Primerica, who I learned from you guys is not a recommended company to bother with. Is Northwestern Mutual any better? And if you ask "better for what?" - I don't know. Is anything they offer good? I'm finances stupid and stopped researching after I got flustered. No no no no no no no no no. Do your company 401k, and/or look at Vanguard or other places like that for Roth/IRA options. NM is just another MLM type thing where they have you pitch your friends and family and it's shady as hell. Don't let yourself get flustered - finances are easy: leave your money in a bank (until you understand the slightly better options for retirement) and don't spend money you don't have (ever). Don't put money into a thing you don't understand because someone else tells you its a good idea. I can elaborate from there, but that's the short answer!
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May 23, 2012 14:34
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drat Bananas posted:I'm finances stupid and stopped researching after I got flustered. Start listening to some podcasts and reading random personal finance blogs. It'll sound like gibberish at first but soon you will get used to the words it becomes clearer and you start to understand stuff.
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May 23, 2012 15:02
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drat Bananas posted:Does anyone know much about Northwestern Mutual? I'm the poster who was in this thread a few months ago while I was getting bugged by my boyfriend's friend at Primerica, who I learned from you guys is not a recommended company to bother with. Is Northwestern Mutual any better? And if you ask "better for what?" - I don't know. Is anything they offer good? I'm finances stupid and stopped researching after I got flustered. If you are 24 with no debt and about to start a 401K, do you realize how solid of a foundation you have? The fact you are thinking about this and asking questions means that you are not just ahead of practically every 24 year old, you are ahead period. Investing doesn’t need to be complicated and while you can certainly subscribe to podcasts and read books, if all you do is live below your means, always save, contribute to your 401K and take advantage of other products out there like a Roth IRA, you will be fine. You will be more than fine. I second kaishek in recommending Vanguard. Fidelity is also a great option. If you want to just start, you will not go wrong with the target retirement funds. If you never read anything ever again and do nothing except always put 10% of your income into the 2050 retirement fund, you will be so well off, it will be crazy. https://personal.vanguard.com/us/funds/vanguard/TargetRetirementList
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May 23, 2012 16:26
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Zeta Taskforce posted:If you want to just start, you will not go wrong with the target retirement funds. If you never read anything ever again and do nothing except always put 10% of your income into the 2050 retirement fund, you will be so well off, it will be crazy. But before you start worrying about this, pat yourself on the back and save =).
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May 23, 2012 17:09
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Is there an unemployment general question thread somewhere I've not seen? Not really a good place to ask my question and I don't really feel it warrants a new thread.
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May 23, 2012 20:43
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hayden. posted:Is there an unemployment general question thread somewhere I've not seen? Not really a good place to ask my question and I don't really feel it warrants a new thread. That would be a good idea for a thread. But feel free to ask here.
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May 23, 2012 20:52
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edit: got it figured out, thanks
hayden. fucked around with this message at 17:11 on May 24, 2012 |
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May 23, 2012 21:04
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Call Texas Workforce Commission (google it) and ask them. I dealt with them in 2010 and they made everything pretty painless.
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May 23, 2012 21:14
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Cool, that's good to hear. I'll give them a call after looking around a bit more.
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May 23, 2012 21:18
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A simple debt paying off question. My wife and I have some debt. Its not OMG terrible or insurmountable but it consists of two parts: 1) Credit card with a bad ~15% APR with around 10k on it 2)A loan with our car for collateral that is about half paid off at around 2.5k We are never late on payments and try to put as much towards the CC as possible while the loan payment is taken from our bank account automatically. My question is, would it be better for me to save a little more and put a little less towards a CC payment and pay off our smaller loan sooner, then start dumping everything on the credit card or not? We both have jobs and after various bills etc we have maybe 1k to put towards either of these things, though the loan payment is required and about $220/month leaving maybe 800 for the credit card depending on circumstances.
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May 25, 2012 14:57
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What is the rate on your car loan? That seems like an important bit of information. I'm assuming its' less than the 15% rate on the CC?
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May 25, 2012 15:05
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Its 4.5% but its structured such that even if we pay it off early we save no interest.
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May 25, 2012 15:15
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^^^How is that possible? I have never seen a car loan like that. The argument for paying off the smaller car loan first is that once it is gone your cash flow situation will improve. You will have more paycheck left over to attack the other debt and handle life as it happens. You will have the moral victory of paying off a debt. This should not be underestimated. It helps to have some wins along the way. The argument for paying off the larger card first is you will save on interest, so you have math on your side. In your case, if you are pay $1000/mo toward debt, it matters less than you think. At that rate you will have paid everything in a year either way. But the key is that if you are paying $800/mo on the credit card, you can’t ever use it. It sounds so obvious, but there are so many people out there who make huge payments on their cards, but then they fill up their gas tanks a few times, they buy groceries, they go to Target to pick up a few things, and then they complain that their balance never goes anywhere. So they blame the card for charging too much interest.
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May 25, 2012 15:25
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Sylink posted:My question is, would it be better for me to save a little more and put a little less towards a CC payment and pay off our smaller loan sooner, then start dumping everything on the credit card or not? From a pure financial point of view, paying off the credit cards first would be the sensible option for less interest, at 800 a month and 200 to the car in about 12 months they'd both be about done. However if you do it the Dave Ramsey way, smallest amount first, theres the psychological "win" of having paid something off. This may drive you to want to pay off the other one quicker so you budget better, buy less crap etc. It would really depend on you and how you function.
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May 25, 2012 15:33
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Yah, I was thinking more about the psychological effect of suddenly having $200 more a month to put on the credit card, since we could probably destroy the smaller loan by the end of the summer. As for the % savings thing, Zeta. Maybe I'm dumb but I don't know, the online balance for my credit union just shows a total left to pay and deducts a certain amount every month. Its just a secured loan. And yes we have stopped using it, the only reason we had it is because my wife got miles from a really long international trip as part of school and then we got unemployed and welp debt.
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May 25, 2012 15:51
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Sylink posted:As for the % savings thing, Zeta. Maybe I'm dumb but I don't know, the online balance for my credit union just shows a total left to pay and deducts a certain amount every month. Its just a secured loan.  You are being too hard on yourself. It is probably an interest only loan where there is a payoff amount that goes up by a daily amount called a “per diem”. Based on the amount and rate, it might be something like $0.30 per day. This is what it costs you every day for use of the money. It was more when the balance was higher. If you pay it off early you are not entitled to a refund because you have not prepaid any interest. It just stops accruing so you will save the interest you were scheduled to pay.There is nothing wrong with wanting to destroy the smaller debt. People like Suze Orman will sneer down their noses at it, thinking that it is a sign of mental weakness and seeing the balance going down is reward enough. But getting out of debt is mostly behavior, not math. It isn’t fun. Trying to score some victories is not a moral failing.
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May 25, 2012 16:15
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Its not too hard, we would doing extraordinarily well if not for the 1k we basically don't get to touch every month. So I'll probably shoot the smaller loan down and at least feel more comfortable with less of a minimum payment every month if some emergency comes up.
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May 25, 2012 16:39
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My card has been used fraudulently. My CU caught the second transaction, but not the first. The number is permanently blocked and I'll be getting a new card and filling out a fraud affidavit shortly. My question is if there's any way to determine when/where the number was compromised.
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May 25, 2012 21:20
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Brennanite posted:My card has been used fraudulently. My CU caught the second transaction, but not the first. The number is permanently blocked and I'll be getting a new card and filling out a fraud affidavit shortly. My question is if there's any way to determine when/where the number was compromised. There has been a recent spike in fraud due to the Global Payment Systems compromise so it’s probably that, but there is no way to know for sure unless you were the criminal who did it. http://www.darkreading.com/security/privacy/232800063/global-payment-systems-compromised-in-massive-breach.html
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May 25, 2012 21:43
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Zeta Taskforce posted:There has been a recent spike in fraud due to the Global Payment Systems compromise so it’s probably that, but there is no way to know for sure unless you were the criminal who did it. At least it wasn't something I did. I've been wracking my brain trying to figure out when I used it online last.
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May 25, 2012 21:54
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I wondered why my Visa card had recent fraudulent activity. Thanks for that link.
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May 25, 2012 21:56
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Brennanite posted:At least it wasn't something I did. I've been wracking my brain trying to figure out when I used it online last.
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May 26, 2012 01:10
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Sylink posted:Its 4.5% but its structured such that even if we pay it off early we save no interest. There could be two things going on here, and both are scummy: 1. Some loan servicers will apply any overpayment as a "prepayment" of next month's payment unless you call and explicitly state otherwise. This is illegal for credit cards, but in most states it's not illegal for other types of loans. Relevant Consumerist article. 2. Some loan servicers will apply a penalty for paying off the loan before the term of the loan is complete. I had a three year car loan from Nationwide where I paid something like $600 in interest over the life of the loan. If the loan was paid off within two years, a $200 penalty was applied. It's stupid.
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May 27, 2012 18:59
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I need help trying to figure out why my credit score is so low and if there is any thing I can do about it. My 3 scores are around 600 which I found out trying to get approved for a mortgage. Looking at the credit report I was given from the loan person I was working with a I have a few dings but nothing that should seem to lower my score that much I think. I do have a lot of student debt ~$60k which is in deferment at the moment. I have some loans reported as having a 2 month over due in Feb. (4 total). What had happened is I was paying as normal (my last payment was in Nov.) then in Dec. I went into the hospital and was in ICU for almost all of the month, after this I was moved into a normal hospital room for most of Jan. I was released at the end of Jan. but wasn't really self sufficient again until March. On March 8th I requested the deferment, however this is still on my credit. My plan is to send a letter detailing my situation hoping they will remove it but the person I spoke with said they probably wouldn't, so I was hoping there might be a better way about getting this removed. (For some reason this also seems to appear on my wife's credit when we looked at it, none of the others do.) Also on my report is a department store credit card from 2007 that at the time didn't have online payment and I forgot to pay. I paid the entire card off after I realized I had missed the payment, but the late payment is still on the report. The last negative thing on my report is from Verizon ($72). I got a tablet last year with them and returned it within the month, but had it long enough I had to pay for service. Of course I forgot to pay (noticing a trend here) and it went collections. I paid it off in May of last year. I spoke with Verizon and they have marked it as paid, but they put it as paid April of this year. I spoke with them again and they have supposedly fixed it but I have not checked yet. These are the only things that show up as negative on my credit report. The only other thing on the report is my car loan which is about $22k. My revolving credit utilization on the report shows 27% and for some reason it shows 37 inquiries in the last 12 months. Any advice that would help me fix my credit score would be great. dalstrs fucked around with this message at 05:05 on May 29, 2012 |
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May 29, 2012 05:02
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dalstrs posted:I need help trying to figure out why my credit score is so low and if there is any thing I can do about it. So you have $60k in student debt (regardless of whether it's in deferment) and $22k in car debt, and you want to buy a house on top of that? Might want to rethink that plan. With regard to the inquiries, are they hard or soft inquiries? http://www.lendingtree.com/credit-resources/advice/credit-reports/soft-pull-vs-hard-pull/
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May 29, 2012 05:37
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illcendiary posted:So you have $60k in student debt (regardless of whether it's in deferment) and $22k in car debt, and you want to buy a house on top of that? Might want to rethink that plan. I actually do make enough to afford it and have enough for a 20% down payment. Regardless of that, I still think what is reported as delinquencies should not cause my score to be where it is at. As far as whether they are hard or soft I am not sure, I pulled that number from the credit report it and doesn't specify. On the Equifax report it says 18 over the past 2 years so some of the first may be from my wife's account, I'll have to see what her individual report says later when I can get it from her.
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May 29, 2012 06:30
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You have up to 7 different accounts show delinquencies (unless I'm reading it wrong), why do you think your credit score should be higher?
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May 29, 2012 06:53
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